Spot gold is trading higher at US$1,389 per ounce having broken out of an important channel in the last 24 hours.
’s () major shareholder and partner () has increased its stake in the company to 19.3%.
MACA increased its holding by 265 million shares pursuant to the recent agreement between the two companies that will see MACA provide working capital funding to Blackham.
The provision of the working capital facility by MACA provides valuable certainty for Blackham as it further develops its Matilda-Wiluna Gold Operation in Western Australia.
The deal with mining contractor MACA is to support Blackham’s transition to its stage 1 expansion sulphide development at the Matilda-Wiluna Gold Operation.
Blackham is already a gold producer and is targeting 120,000 ounces per annum gold production and a long mine life at Matilda-Wiluna.
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